ITM5400 - Chapter 3 - Managing Systems Projects

Question 1

What is a project?

Answer 1

a temporary endeavor undertaken to create a unique product, service or result

Question 2

What are 6 characteristics of a project

Answer 2

Unique
One time
Definite beginning and end
Constrained by cost
Progressively elaborated
Customer focused

Question 3

What is project management?

Answer 3

the application of knowledge, skills and techniques to project activities to meet project requirements

Question 4

What makes a project successful?

Answer 4

On time
Within budget
Meets business requirements
Delivers expected business value and ROI
Satisfies users

Question 5

What is a project constraint?

Answer 5

any events or circumstances that may restrict, limit or regulate a project

Question 6

What items does a typical project triangle include?

Answer 6

Cost, scope and time

Question 7

What 4 things does a project manager do?

Answer 7

Project planning
Project scheduling
Project monitoring
Project reporting

Question 8

What is a work breakdown structure

Answer 8

A WBS is a hierarchical representation of work the will be done to produce a product or service requested by customer

Question 9

What is a Gantt chart?

Answer 9

horizontal bar chart that lists task required to complete the project and their relationship to each other

Question 10

What is a Program Evaluation Review Technique (PERT)

Answer 10

A bottom up technique used to build a network structure that represents the tasks and their relationship to each other:

• ID lowest level task
• Estimate time required to complete
• determine logical order of executions

Question 11

What is a task?

Answer 11

work that has a beginning and end. requires resources (people, money and time)

Question 12

What is a milestone?

Answer 12

an event that identifies a recognizable reference point that can be used to monitor progress

Question 13

What is a three point estimate?

Answer 13

Uses statistical approach based on Monte Carlo simulations to get a better estimate of time required to do a task

Question 14

What are the three estimates of the three point estimate?

Answer 14

O - optimistic estimate
P - Pessimistic estimate
M - Most likely estimate

3PE = (O+P+4M)/6

Question 15

What are four factors that affect project duration?

Answer 15

1. Project size and complexity
2. Human Resources
3. Experience with similar projects
4. Constraints

Question 16

What are 8 items that should be defined on a task

Answer 16

Name, Description of work, task ID, Task duration/work effort, start date, finish date, resource assigned task and predecessors and their relationship to task.

Question 17

T/F. Task do not have multiple predecessors and successors.

Answer 17

False, some tasks may have multiple predecessors and successors

Question 18

T/F Some task cannot be started until other tasks finish

Answer 18

True

Question 19

What is a critical path?

Answer 19

represents the longest path through the project and IDs the earliest date the project can be completed. If any task along the critical path fails, the project falls behind schedule

Question 20

What are two tools a PM uses to track tasks and progress?

Answer 20

Structured walk-through are peer reviews of work completed and include design, code and testing reviews

Milestones indicate completion of a significant portion of the project

Question 21

What are three reports PMs use to communicate the status of a project

Answer 21

Project status meetings allow team to share updates and roadblocks
Work performance reports allow PM to see hours spent on each task
Project status reports communicate progress to supervisors, upper management and users

Question 22

What is the dominant Project Managment software in the market?

Answer 22

Microsoft Project

Question 23

What software can be used for simple project tracking?

Answer 23

Excel

Question 24

What PM tracking software is free open source?

Answer 24

GanttProject

Question 25

The amount of risk depends on what four factors?

Answer 25

1. Size of project 2. How critical the project is 3. Product, service or result produced by the project 4. Technology used

Question 26

What are the five steps in Risk Management?

Answer 26

1. Develop a risk management plan 2. ID risk 3. Analyze risk 4. Create a risk response plan 5. Monitor Risk

Question 27

What are two points in developing a risk management plan

Answer 27

1. Review project scope, stakeholders, budget, schedule and other internal/external factors 2, Define project roles and responsibility

Question 28

When ID'ing risks, you should

Answer 28

assess the likelihood that it will occur and the impact to the project if it occurs

Question 29

T/F Qualitative risk analysis evaluates the impact of each risk should it happen using high/medium/low criteria

Answer 29

True

Question 30

T/F Qualitative risk analysis evaluates the risk with the highest probability and impact to quantify the risk

Answer 30

True

Question 31

A risk response plan plans for what two points with each risk

Answer 31

1. Accept, mitigate, transfer or avoid | 2. ID the amount of contingency funds to allocate for risk management

Question 32

When monitoring for risks, what three points should you take

Answer 32

1. Continuous tracking of risk and triggering a repsonse plan should the risk manifest 2. ID new risk and action plans 3. Retire risk that no longer occur

Question 33

What are the three PM Issues

Answer 33

1. Business issues 2. Budget issues 3. Schedule issues

Question 34

What comprises business issues?

Answer 34

Unclear requirements Scope creep Organization changes

Question 35

What four factors contribute to budget issues?

Answer 35

1. Unrealistic estimates 2. Failure to develop accurate forecasts 3. Poor project monitoring and slow response to warning signs 4. Schedule delays and HR issues

Question 36

What five items contribute to schedule issues

Answer 36

1. failure to recognize task dependancies 2. confusion between effort and progress 3. Poor monitoring and control methods 4. Inaccurate estimates 5. HR issues: conflicts, training and turnover